Ensuring suitable mortgage product advice for Ontarians – Join webinar & share feedback

The Financial Services Regulatory Authority of Ontario (FSRA) is taking steps to help ensure Ontario consumers are receiving mortgage products that are right for them and their family. 

Today, FSRA is proposing Guidance that explains how the mortgage brokering sector can demonstrate that the recommendations they provide to consumers are based on consumers’ specific needs and circumstances. 

FSRA is also proposing changes to two of its forms to make them easier to understand and to raise the profile of important information to promote transparency. 

Last year, FSRA reviewed a sample of private mortgages arranged by mortgage brokerages and found that most of the transactions did not clearly show how the mortgage products were deemed suitable for clients. 

Mortgage professionals need to take responsible steps to establish that they have made suitable mortgage product recommendations, which include documenting how the product recommendations meet each client’s specific needs.

The consultation period is now open and will close on February 28, 2024.

Learn more:

• Consultation on proposed Guidance for Mortgage Product Suitability Assessment and revised Investor/Lender Disclosure Forms
• Mortgage Broker Regulators' Council of Canada’s Draft Principles for Mortgage Suitability Assessments

FSRA continues to work on behalf of all stakeholders, including consumers, to promote financial safety, fairness, and choice for everyone.

Learn more at www.fsrao.ca.